Quest Partners LLC Invests $499,000 in California Resources Co. (NYSE:CRC)

Quest Partners LLC bought a new stake in California Resources Co. (NYSE:CRC) in the 3rd quarter, Holdings Channel reports. The fund bought 9,518 shares of the oil and gas producer’s stock, valued at approximately $499,000.

A number of other large investors have also added to or reduced their stakes in CRC. Point72 Asset Management L.P. lifted its holdings in California Resources by 2,615.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 843,011 shares of the oil and gas producer’s stock worth $44,865,000 after buying an additional 811,963 shares in the last quarter. Samlyn Capital LLC acquired a new position in shares of California Resources in the second quarter worth about $28,566,000. Vanguard Group Inc. boosted its holdings in California Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 8,100,283 shares of the oil and gas producer’s stock valued at $446,326,000 after purchasing an additional 344,043 shares during the last quarter. American Century Companies Inc. grew its stake in California Resources by 18.1% during the 2nd quarter. American Century Companies Inc. now owns 1,631,432 shares of the oil and gas producer’s stock valued at $86,825,000 after purchasing an additional 250,367 shares in the last quarter. Finally, SIR Capital Management L.P. purchased a new stake in California Resources during the 2nd quarter worth approximately $11,820,000. 97.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. TD Cowen initiated coverage on California Resources in a research note on Friday, August 2nd. They set a “buy” rating and a $65.00 target price for the company. StockNews.com upgraded shares of California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Bank of America raised shares of California Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research report on Wednesday, August 21st. Jefferies Financial Group started coverage on shares of California Resources in a research note on Thursday, October 24th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, Barclays lifted their price target on California Resources from $55.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, California Resources has an average rating of “Moderate Buy” and a consensus target price of $65.50.

Insider Activity at California Resources

In other news, VP Noelle M. Repetti sold 8,770 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.75, for a total transaction of $488,927.50. Following the transaction, the vice president now directly owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Francisco Leon sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $49.18, for a total transaction of $368,850.00. Following the completion of the sale, the chief executive officer now directly owns 166,357 shares of the company’s stock, valued at $8,181,437.26. The trade was a 4.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,270 shares of company stock worth $1,387,778 in the last ninety days. 0.03% of the stock is owned by insiders.

California Resources Stock Performance

Shares of NYSE CRC opened at $59.59 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average price is $53.86 and its two-hundred day moving average price is $51.08. California Resources Co. has a 52-week low of $43.09 and a 52-week high of $60.41. The stock has a market capitalization of $4.04 billion, a P/E ratio of 9.38, a P/E/G ratio of 1.48 and a beta of 0.98.

California Resources (NYSE:CRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.62. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $973.13 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The business’s revenue for the quarter was up 194.1% compared to the same quarter last year. As a group, sell-side analysts forecast that California Resources Co. will post 3.42 earnings per share for the current year.

California Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.3875 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.55 dividend on an annualized basis and a dividend yield of 2.60%. California Resources’s dividend payout ratio (DPR) is presently 24.41%.

California Resources Profile

California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.